When Do You Start Paying Taxes In India?

Asked By joem dela paz 10 points N/A Posted on - 01/16/2017

What are the rules for paying tax? When do you start paying taxes in India?

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Answered By Charles J Barbee 0 points N/A #285631

When Do You Start Paying Taxes In India?

Taxes in India are of 2 types namely direct taxes and indirect taxes. The tax levied on income or profits is a direct tax. The tax levied on goods and services is an indirect tax. So basically, anyone is going to pay taxes indirectly.

So when you start earning income for yourself through a job or business, you need to pay tax for the amount you receive. Other than this, when you undertake any service or buy a good for which tax amount is imposable, you have to pay tax for that. While depositing money in the bank amounting more than Rs. 2, 50,000, we need to pay the tax. The Government collects taxes to enhance the government services or goods.

 

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• Posted on - 01/16/2017
• Question Category: Others